During the last three fiscal years, Microsoft spent $20 billion of its cash on stock repurchases ($4.6 billion in 2013, $4 billion in 2012, and $11.5 billion in 2011.) Still, its cash pile remains enormous at $77 billion. That total includes $3.8 billion in cash and cash equivalents, and $73.2 billion in short-term investments. Microsoft’s cash pile has been growing steadily since the end of 2008, when it totaled $20 billion. In June, Microsoft (which began paying dividends in 2003) announced a dividend of $0.23 per share, up 15% over the prior year quarter. Microsoft’s long-term debt currently sits at $12.6 billion.